Calculate your budget

The budget calculator is a convenient help in planning and monitoring your finances. By entering your income and expenses into the calculator, you can easily keep track of your financial situation. The calculator will also help you assess whether your financial situation is right for moving out on your own. .

Budget calculator

INCOME

Salary (net)

Enter your monthly net salary (the amount which is left after paying the tax). Collective agreements can be found on your trade union’s website with current salary recommendations.

Subsidies (e.g. student financial aid, housing allowance)

You can apply to Kela (Kansaneläkelaitos, Social Insurance Institution of Finland) for housing allowance to support your housing expenses. The general housing allowance is granted to low-income persons and households. The amount of allowance you receive depends on your income and assets. If you are a student, you may be able to get student financial aid that consists of a study grant, a housing supplement and a state guarantee for a student loan. The amount of the student aid depends on e.g. what type of school you attend, your age and whether you have children. For example, a student in secondary education who lives alone, has turned 18 and has no children, may be able to get approximately 250 euros a month (before tax) in study grant. In addition, it’s possible to get 201 euros a month in housing allowance. 400 euros a month is the maximum amount of student loan. The loan must be paid back after graduating. If you are unemployed, you may get basic unemployment allowance from Kela, which is on average 703 euros a month. Check the Kela website to find out whether you are eligible for any subsidies and the amounts: http://www.kela.fi/web/en

Other income (e.g. money from your parents)

Enter here all other income you get, e.g. money from your relatives.

EXPENSES

Living expenses

Rent

Rental prices vary a lot according to location. For example, the free market price of a studio apartment in Kallio, Helsinki, is around 800 euros a month. In smaller cities you may get a studio for less than 400 euros. A rule of thumb is that the closer you want to live to the city center, the more expensive it will be. Rental apartments provided by the city and the municipality are the cheapest ones but often you will have to wait for a long time to get an apartment. A HOAS (The Foundation for Student Housing in the Helsinki Region) studio apartment in Helsinki costs approximately 300 - 660 euros a month. You can look for free market housing online at www.vuokraovi.com

Water

Water rate is from 10 to 20 euros a month per person. Sometimes the water rate is included in the price.

Electricity

Your electricity bill depends on your consumption. In a studio the electricity bill is usually around 20 euros a moth. If you reduce your energy consumption, you may get a cheaper electricity bill. Accordingly, if you have many energy consuming devices, your bill is higher. In student apartments electricity is often included in the rent.

Heating

If you live in an apartment building, leave this space blank. Usually apartment buildings are heated with central heating, which is included in the rent, while houses are heated with district heating. This means that electricity bills are cheaper in summertime, but in wintertime you may have to pay more than 100 euros a month in heating bills.

Home insurance

The price of a home insurance depends on the insurance company as well as the location and size of your apartment. For a studio apartment a home insurance costs around 10 € a month. Compare the prices of different insurance companies to get the best deal.

Daily expenses

Food

Enter here how much you spend on groceries each month. Don’t forget to count sweets, snacks, lemonades and similar foodstuff you buy from a grocery store. In Finland, one person spends approximately 170 euros a month for food and non-alcohol beverages. You can spare money if you cook your own food and don’t buy any ready-made snacks.

Hygiene products

Enter the amount you spend on cosmetics such as soap, shampoo and shaving products. On average, Finns use each month 20 euros on these items.

Daily commute (e.g. bus pass)

If you go everywhere by foot or by bicycle, this sum will be 0 euros. For instance, if you live in the capital region, a regional ticket that covers Helsinki, Espoo, Kauniainen and Vantaa, costs more than 107 euros a month, 53 euros for students.

Cigarettes

If you go everywhere by foot or by bicycle, this sum will be 0 euros. For instance, if you live in the capital region, a regional ticket that covers Helsinki, Espoo, Kauniainen and Vantaa, costs more than 107 euros a month, 53 euros for students.

Car / Motorcycle

Fuel

If you have a car or a motorcycle you probably know how much it costs to refuel it every month. If you drive 20 km per day with a car which uses 7 liters per 100 km, and petrol costs 1,6 €/l., you’ll spend 67 euros in a month.

Operating costs of the car/motorcycle

The cost of car maintenance and the cost of insurance and other payments on your car vary depending for example on the age of your car. According to The Finnish Road Administration the cost of keeping a car is about 2300 euros per year so 190 € monthly. The sum consists of insurance, xx and parking, tires, maintenance, keep and road tax. The maintenance cycle of a motorcycle is a lot shorter than with a car so the estimated cost of keep is probably about the same. If you are able to do the maintenance yourself, you’ll save a lot!

OR

Other expenses

Healthcare and medicine

You are the best judge of this. If you use a drug regularly, count how much it costs in a month. Also take into account birth control costs. If you use eyeglasses or contacts, they’ll also go in this section.

Clothes, shoes etc.

Try to estimate how much money you spend on clothes in a month. Estimate also how much money you spend on bigger purchases like a winter coat in a year. Divide the cost of your yearly estimate by months (12). On average Finnish people spend 51 € on clothes and shoes in a month. You can save a bundle by buying and mending used clothing.

Travelling

Do you regularly visit another place? For example the trips between the place of your family home and study place. Check out the prices of train tickets www.vr.fi and bus tickets www.matkahuolto.fi.www.vr.fi and bus tickets www.matkahuolto.fi.

Phone bill

You know best, how big your phone bill is in a month. With a sensible use you’ll keep your bill in about 20 euros.